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We're long towards 117.91

We're long towards 117.91 | 26 February 2021

26 February 2021, USD/JPY

We're long towards 117.91

Technical observation

USD pulled back to the supportive zone it established at 104.79-104.37 but did not break below it. It bounced within the same zone and is currently trading with an increasing bullish bias; I expect this upwards movement to continue to the key level 117.91. If you bought this pair within the zone mentioned above after a bounce, remain long with your take profit at 117.91 and stop loss at 101.21. On the chart above, in case of a penetration below the zone 104.79-104.37 with a big red candle, wait for a correction to the just broken zone and rejection within it before you sell USD towards 92.74.

Trade recommendation

Remain long with your take profit at 117.91.

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Imelda Maseno
Analyst of «FreshForex» company
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